Life Insurance & Disability Insurance
Life insurance is defined as a contract between the policy holder and an insurance company where in exchange for premium payments, the insurance company pays out a death benefit to the beneficiaries when the insured person passes away. Life insurance is definitely worth getting to help protect your loved ones from a potential financial catastrophe in case that you, the policy owner, dies. Especially if you are the main income earner in your household. Life insurance is also worth getting for business owners to protect their business, investors, business partners, employees, etc.
The answer is the sooner, the better! The younger that you are and the better your health is, the cost of life insurance will be much lower. The older you get and if your health declines, the cost of life insurance can be more expensive. Today, Life Insurance is more important than ever as it can be used as a wealth building tool for retirement, for your business and implement tax strategies. Also, very important to own life insurance when there are changes in your life such as getting married, having children, starting a business, owning property and much more.
Monthly Cost for $1 Million Term Life Insurance policy for a 40 year old man in good health & non smoker:
Monthly Cost for $1 Million Term Life Insurance policy for a 40 year old woman in good health & non smoker:
**Rates can depend an/or change by different insurance carriers and based on your medical history. Rates do not reflect any particular insurer.
Disability insurance, also known as income protection, is very important to have especially if there is a high possibility that the policyholder gets injured while on the job. Statics show that one in four people get disabled during their working career. Disability Insurance is a type of coverage that replaces a portion of your monthly income (60% to 80%) if injury or illness prevents you from working. It provides financial security and peace of mind for the policyholder and their family when or if the policyholder is disabled.
When it comes to learning about life insurance, you will see a wide range of life insurance products. However, there are 4 types of life insurance products which are term life insurance, variable universal life insurance (VUL), universal life insurance (UL) and whole life insurance. Variable Universal Life, Universal Life and Whole Life are also known as permanent life insurance.
Term Life insurance is the lowest cost out of the different types of life insurance. Term life insurance is bought for a specified term such as 10 years, 20 years or 30 years. What this means is that if you buy a term life insurance policy, the insurance company will pay a death benefit to the beneficiaries if the policyholder dies within the term agreed upon.
Permanent Life Insurance is a life insurance policy that does not expire as long as the policy is in force. Permanent life insurance combines a death benefit with a cash-value component that can allow the policyholder to build up a substantial amount of tax-deferred savings over time. Unlike term insurance which lasts for a specific period and no cash value features, permanent life insurance is designed for life long protection and potential for retirement income.
Using life insurance to build wealth and protect their wealth has been a concept used for many years and even hundreds of years by individuals and businesses.
Who can benefit from Permanent Life Insurance?
Many people today use permanent life insurance as a wealth building tool as well as to protect their family. This is due to many features and benefits that Permanent Life Insurance provide such as:
Get your life insurance quote today!
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